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The entry of non-financial and technological giants into the crypto-market has put blockchain technology and cryptocurrencies in the limelight. Consequentially, a plethora of companies such as Facebook are trying to make their mark in the payments realm.
On the other hand, existing players such as Ripple have also taken new steps, announcing a partnership with MoneyGram that is aimed at stealing some of Facebook’s intended market. While the topic maintains its allure, Ripple’s official Twitter handle highlighted Kahina Van Dyke’s take on the overall situation. She was quoted as saying,
“[Blockchain and crypto powered payments are] going to be the start of a massive efficiency in a system that just hasn’t had a lot of other options.”
Van Dyke, Ripple’s SVP of Business and Corporate Development, shared her thoughts on the democratization of cross-border payments, and addressed concerns related to XRP’s sluggish growth in the supposed alt-season, in a interview with Pymnts. Van Dyke also shared her positive outlook on Ripple-MoneyGram partnership, as an enabler for driving a real-world use case on an enterprise scale.
It is important to note that the main intention behind such developments is to break the traditional medium for cross-border payments, which often involves high transaction fees and risk to privacy.
Taking cues from the above, multitudes of businesses have started augmenting B2B cross-border payments. While instantaneous settlement of payments in the cross-border scenario remains a revolutionary step for traders dealing beyond borders, the cryptoverse maintains its skepticism toward XRP’s growth in terms of trading value.